XML 45 R36.htm IDEA: XBRL DOCUMENT v3.23.3

Derivative Instrument and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Company's Outstanding Interest Rate Swaps

The following table summarizes the terms of the Company’s outstanding interest rate swap agreements entered into to manage its exposure to the variability in future cash flows at September 30, 2023 (dollars in thousands):

Effective Date		Expiration Date		Notional Amount				Pay Fixed Rate
4/11/2022		4/11/2027		$	50,000			0.787%
1/24/2023		1/24/2026		$	30,000			3.669%
5/5/2023		5/5/2026		$	25,000			3.4615%

Fair Values of Derivative Instruments on the Balance Sheet

The table below presents the notional amounts, respective fair values of the Company’s derivative financial instruments, as well as their classification on the balance sheet as of September 30, 2023 and December 31, 2022 (in thousands):

										Asset derivatives										Liability derivatives
		Gross notional amount										Fair value										Fair value
		September 30, 2023				December 31, 2022				Balance sheet line item		September 30, 2023				December 31, 2022				Balance sheet line item		September 30, 2023				December 31, 2022
Derivatives designated as hedging instruments
Cash flow hedges		$	105,000			$	50,000			Other assets		$	8,548			$	6,725			Other liabilities		$	—			$	—
Total derivatives		$	105,000			$	50,000					$	8,548			$	6,725					$	—			$	—
Derivatives not designated as hedging instruments
Interest rate swaps (1)			1,129,212				1,006,386			Other assets			56,724				47,736			Other liabilities			56,725				47,738
Credit contracts			81,858				104,497			Other assets			—				—			Other liabilities			—				—
Mortgage banking			9,855				7,884			Other assets			218				96			Other liabilities			44				13
Total derivatives		$	1,220,925			$	1,118,767					$	56,942			$	47,832					$	56,769			$	47,751

(1)The Company was holding collateral of $67.0 million and $54.3 million against its net obligations under these contracts at September 30, 2023 and December 31, 2022, respectively.

Effect of Derivative Instruments on the Income Statement

The table below presents the effect of the Company’s derivative financial instruments on the income statement for the three and nine months ended September 30, 2023 and 2022 (in thousands):

				Gain (loss) recognized in income								Gain (loss) recognized in income
		Line item of gain (loss)		Three months ended September 30,								Nine months ended September 30,
Undesignated derivatives		recognized in income		2023				2022				2023				2022
Interest rate swaps		Income from derivative instruments, net		$	93			$	317			$	1,219			$	1,675
Credit contracts		Income from derivative instruments, net			58				3				109				21
Mortgage banking		Income from derivative instruments, net			68				(221	)			90				(433	)
Total undesignated				$	219			$	99			$	1,418			$	1,263

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

+ Details

Name:	us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration